Travel Technology Market
The rise in the use of artificial intelligence and demand for contactless solutions is expected to provide a lucrative opportunity for market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, February 6, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Travel Technology Market,” The travel technology market was valued at $9.4 billion in 2022, and is estimated to reach $21 billion by 2032, growing at a CAGR of 8.6% from 2023 to 2032.
Travel technologies refer to the tools, systems, software, and platforms that are employed within the travel and tourism industry to facilitate various aspects of travel, from planning and booking to the actual travel experience. These technologies include a wide range of applications, including online booking engines, travel reservation systems, mobile apps, travel-related websites, global distribution systems, and various software solutions for travel management and analytics. Travel technologies are designed to enhance the efficiency, convenience, and overall travel experience for both travelers and travel service providers, including airlines, hotels, travel agencies, and destination management companies. They often incorporate features such as real-time information, personalization, and integration with payment systems to streamline the travel process.
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Travel technology refers to the utilization of technological advancements in the planning and automation of various aspects of travel processes, including bookings, inventory management, payments, itineraries, and back-office operations. This is particularly beneficial for travel agencies and tour operators, enabling them to facilitate online bookings, enhance customer experiences, and boost both bookings and revenues. The evolution of travel technology has significantly transformed how travel companies engage with and cater to travelers, providing a comprehensive online platform for services such as hotel reservations, flight bookings, tours, transfers, and activities. This allows travelers to efficiently plan their entire trip within minutes.
The integration of travel technology plays a pivotal role in optimizing business operations by streamlining processes and automating tasks that traditionally required human involvement. This not only helps in reducing staffing requirements but also contributes to cost-cutting, ultimately leading to increased revenue and improved financial outcomes.
The tourism industry is poised for rapid growth in the coming years, driven by the adoption of management applications that empower users to plan itineraries, store travel documents, receive reminders, and access real-time information such as weather updates and flight statuses. These advancements in travel technology contribute to an enhanced overall experience for both businesses and travelers.
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In addition, the travel technology market is expected to witness notable growth owing to an increase in use of voice search and voice control, rise in contactless payment options, and rise in use of artificial intelligence. Moreover, rise in demand for contactless solutions is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, higher initial investment limits the growth of the travel technology market.
Based on end users, commercial dominated the travel technology market in 2022, owing to manage and streamline the reservation and booking process. As a result, these online booking platforms for airline and hotel reservation systems enable travelers to make reservations easily, and commercial sector to maximize occupancy and revenue. However, the individual segment is expected to witness the fastest growth, owing to travelers access a wealth of information about destinations, including reviews, photos, and recommendations from other travelers to make informed decisions about the destination. In addition, travel technology enables individuals to use translation apps and services to assist travelers in overcoming language barriers.
By application, the travel industry segment held the major share in 2022, garnering nearly half of the global travel technology market revenue, owing to automated bookings, payments, and back-office tools for travel agencies which enables consumers to make their online bookings without a travel agent. However, the tourism industry segment would also display the fastest CAGR of 10.8% throughout the forecast period, owing to tourism enabled management applications which helps users to plan itineraries, store travel documents, and set reminders, it also offers weather updates, flight status notifications, and other real-time information.
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Region-wise North America dominated the travel technology market size in 2022, owing to the growing adoption of metaverse solutions such as chatbots, AR and VR across travel industry. However, Asia-Pacific segment is expected to witness the fastest growth, owing to increase in use of e-commerce platforms across various countries of Asia-Pacific. In addition, E-commerce platforms have ventured into the travel sector, offering travel packages, discounts, and loyalty programs offered through various websites which have fueled the growth of travel technology in Asia-Pacific.
The key players profiled in the travel technology industry analysis are Travelport, Amadeus IT Group SA, Tramada Systems Pty Ltd., Sabre GLBL Inc., Lemax Ltd., Digitrips, Qtech Software Pvt.Ltd., Trip Solutions, Avani Cimcon Technologies, and WebCRSTravel Technologies Pvt. Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the travel technology industry.
COVID-19 scenario:
• Firstly, the rapid adoption of contactless technology was driven by the imperative to minimize physical touchpoints and reduce the risk of viral transmission. This shift has become a lasting trend in the industry, promoting safety and hygiene for travelers.
• Airlines, hotels, and other travel businesses quickly integrated contactless check-ins, mobile payments, and touchless services, providing a seamless and safer travel experience. Health and safety protocols emerged as a central focus, with technology playing a pivotal role.
• Travel technology also proved crucial for managing the crisis, with businesses using chatbots, AI-driven customer service, and messaging platforms to keep travelers informed about disruptions, cancellations, and rescheduling options.
• COVID-19 accelerated the digital transformation of the travel industry. Businesses invested in e-commerce platforms, mobile apps, and data analytics to better understand evolving traveler behavior and preferences.
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